SAN ANGELO, TX вЂ“ After enjoying a three-day week-end, City of San Angelo leaders got things began bright and early Tuesday morning in the very very very first City Council conference of September. One of the problems tackled had been pay day loans, or predatory financing.
Councilman Bill Richardson, SMD 1, whom asked for the discussion of payday advances be taken to the council for the ordinance that is possible stated he’s discovered there are lots of towns and cities throughout Texas which have ordinances regulating name, short-term and pay day loans.
вЂњThese loans are predatory loans,вЂќ he said.
He included that the attention price on these loans is as much as 500 %, while the populous City comes with a responsibility to safeguard the residents from this types of predatory financing.
City Attorney Theresa James stated the matter of the kinds of loans were brought forth to your Texas Legislature many times, but no action was taken.
She stated the Texas Municipal League is cities that are advising to do this on these loans to work under a model ordinance. Nonetheless, the model ordinance does not deal with the attention price. Alternatively, it takes enrollment from the upkeep of documents. Read more “Without a doubt about City Council and Local Organizations Tackle Predatory Lending”